Emily Walker
A cryptocurrency analyst has provided an updated Dogecoin price chart that covers daily trends, emphasizing important price levels as the coin strives to reach the significant $1 mark. Despite recent price fluctuations and downturns, the analyst maintains a positive outlook for Dogecoin.
Path to $1: Significant Price Objectives
The crypto expert known as ‘TheHunters_99’ on TradingView observed that Dogecoin had been trading within a set price range but entered a consolidation phase after a notable increase earlier in November. This led to a substantial price drop for Dogecoin, returning it to earlier low points.
However, recent developments indicate that Dogecoin has managed to exit its tight price channel, suggesting a resurgence in bullish momentum. The analyst’s chart showcases Fibonacci extension levels, which are vital indicators for tracking Dogecoin’s next potential movements toward the $1 target.
Fibonacci levels are commonly used to find potential support and resistance areas for cryptocurrencies. The analyst identified the first target at the 1 Fibonacci level located at $0.5. Following that, the next target sits at 1.618 Fibonacci level around $0.70, which the analyst notes could mean nearly doubling Dogecoin’s current value.
The third target is positioned between $1 and $1.1 at the 2.618 Fibonacci level, which could signify a pivotal surge for Dogecoin where profit-taking might occur among investors.
The last target aimed for is the 4.236 Fibonacci level below $1.7. This goal is more long-term and ambitious since Dogecoin is currently priced below $0.4. Achieving this target could represent an extraordinary rally for Dogecoin, suggesting a rise of approximately 400% from its present value.
While the outlined price goals appear optimistic, critical support levels for Dogecoin have also been highlighted by the analyst. The chart indicates various support zones below the $0.297 price mark, which could act as a cushion if Dogecoin faces another price decline.
Currently, Dogecoin displays positive momentum with a 10% increase over the last 24 hours, as reported by CoinMarketCap. At the time of writing, the meme coin is trading at $0.34, having previously suffered a 15.4% decrease over the past week.
Historical Indicators Suggesting a 400% Surge for Dogecoin
Although Dogecoin has faced notable bearish trends recently, analysts remain hopeful about its potential for growth. Analyst KrissPax on X (formerly Twitter) shared a price chart anticipating a significant increase for Dogecoin.
KrissPax noted that Dogecoin’s Relative Strength Index (RSI) fell below 40 on the daily chart earlier this September. Following this drop to nearly oversold levels, the price of Dogecoin surged over 400%.
The analyst indicated that Dogecoin is currently experiencing an RSI setup that has just dipped below 40 once more, which may foreshadow a recurrence of earlier patterns. If the RSI mirrors past behavior, this could indicate the onset of another bullish movement for Dogecoin. Should this happen, KrissPax predicts the meme coin may exceed prior peaks, potentially achieving $0.6.
Featured image from Mashable, chart from TradingView